Employees’ Provident Fund (EPS) has now gone digital. Digital payments and transactions are more easier and comfortable. EPF has collaborated with Connect IPS e-payment gateway to make this process digital. Now, with the use of Connect IPS, you can make your loan payments. This online payment of loans includes home loans, education loans, revolving loans, home maintenance loans, and Special loans.
How does EPF digital payment work?
EPF currently has bank accounts at Himalayan Bank Ltd., Machhapuchchhre Bank Ltd., and NIC Asia Bank Ltd. So, when you make payments for any loan through connect IPS, it will be credited to one of the above banks where EPF has an account. You can use Connect IPS to pay loans if you have a bank account at any of the 55 member banks and financial institutions. Hence, this digital payment system makes it easier for loanees since you do not have to go to the EPF office or its designated banks to make payments.
How to perform EPF digital payment with the help of Connect IPS?
Now, to use this service, you must first have an account in ConnectIPS. If you do not have one, then you can first create an account at www.connectips.com. After that, you need to have at least one bank linked and verified in the system. Then, you can select the payment for the Provident fund option and then fill out the necessary details. In this way, you can make the EPF payments online through the ConnectIPS system.
The agreement between NCHL (Nepal Clearing House Limited) and EPF regarding the payment integration with NPI (National Payment Interface) had taken place last July itself. To date, there have been more than 32 thousand transactions processed for loan disbursement and it is equivalent to Rs. 5.36 billion.
The introduction of this digital method will surely bring about positive impact on the path of EPF towards digitization.
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